Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,286/mo
+$47/mo- Down payment
- $40,955
- Funds due
- $53,120
- Interest + MI left
- $479,492
- First ends
- May 2053
New loan
New conventional
$3,240/mo
Lowest payment- Down payment
- $45,000
- Funds due
- $54,987
- Interest + MI left
- $592,177
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $409,045 | $405,000 |
| Second mortgage | — | — |
| First P&I | $2,674.94 | $2,743.61 |
| Second P&I | — | — |
| Mortgage insurance | $196.21 | $81.00 |
| Taxes, insurance & HOA | $415.00 | $415.00 |
| Total housing payment | $3,286.15 | $3,239.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,955
Closing costs & prepaids$12,164
Usable credit−$0
Total buyer cash needed$53,120
Earnest money paid−$0
Remaining funds due$53,120
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$540.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$644.50
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 5 moOf the original 30-year loan at 6.39%
Interest already paid$95,975Through Dec 2026
Assumption only · ends May 2053$479,492
New conventional · ends Jan 2057$592,177